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EUR/USD Continues to Fall as Bernanke Talks About QE Tapering

July 18, 2013 by

EUR/USD slid today for the second trading session. Federal Reserve Chairman continued his testimony today, saying that the central bank will be tapering quantitative easing in case economy is improving. And today’s data definitely showed an improvement of economy with falling unemployment claims and unexpected leap of Philadelphia Fed index. Leading indicators were less positive though. Nevertheless, the dollar gained on the euro yet again.

Initial jobless claims slipped from 358k to 334k last week. The median forecast was at 344k. (Event A on the chart.)

Philadelphia Fed manufacturing index increased from 12.5 in June to 19.8 in July. It was a nice surprise for market participants, who have expected a decrease to 8.5. (Event B on the chart.)

US leading indicators were unchanged in June, frustrating analysts who have expected a 0.3% increase. The May’s rise was revised slightly up from 0.1% to 0.2%. (Event B on the chart.)

EUR/USD for 2013-07-18

If you have any comments on the recent EUR/USD action, please reply using the form below.

One Response to “EUR/USD Continues to Fall as Bernanke Talks About QE Tapering”

  1. Andrew Host

    Well I know traders that are saying 1.2381 in about 2 months! I`m curious about that haha

    Reply

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